What savings accounts does Marcus offer?
Goldman Sachs are best known for their big-money financial services – but with Marcus, they’ve launched a savings account for ordinary customers. Could it be right for you?
Who is Marcus?
Marcus is an online banking service offered by Goldman Sachs. Founded in New York in 1869, Goldman Sachs is one of the largest investment banks in the world – it has offices in every major financial centre on the planet.
Marcus is targeted towards ordinary savers and designed to compete with the savings accounts offered by high street banks. You can open an account with as little as £1, and the maximum deposit is £250,000.
Since it launched in the United States in 2016, it’s grown to hold more than $20 billion in savings. In 2018, it expanded to the UK, and attracted around 50,000 customers within its first two weeks.
What types of savings accounts does Marcus offer?
You have a choice of three ways to save with Marcus by Goldman Sachs. There are no fees or charges to set up any of the accounts.
Online savings account
Offers a variable interest rate, which includes a fixed bonus rate for the first 12 months
Start saving with as little as £1, up to a maximum of £250,000
Easy access to your funds without any fees or charges
Interest is calculated daily and paid monthly.
One-year fixed rate saver
Offers a fixed interest rate for a 12-month term
14-day window from account opening to deposit up to £250,000
Withdrawals aren't permitted during the term. You can close the account early, subject to a fee of up to 90 days’ interest
Interest is calculated daily and paid at the end of the term
Cash ISA
Provides a variable tax-free interest rate, which includes a fixed bonus rate for the first 12 months
You can save up to the annual ISA allowance, currently £20,000 per tax year
Allows withdrawals without fees, but the cash ISA is not ‘flexible’, meaning whatever you take out can’t be replaced within your tax-free allowance
Interest is calculated daily and paid monthly
Interest rates and terms are subject to change. Always check the official website for the latest information.
Are there any fees or restrictions?
While there are no set up charges for any of the Marcus savings accounts, there are a few restrictions to be aware of:
Online savings account
Deposit limits are capped at £250,000. Remember, as an FCA-regulated provider, your first £85,000 is protected under the Financial Services Compensation Scheme (FSCS).
Accounts must be funded within 90 days of opening or Marcus reserves the right to close the account.
If you haven't accessed or used your account within three years, such as logging in, making payments, or withdrawals, Marcus may temporarily block your account.
One-year fixed rate saver
You have a 14-day window from account opening to deposit up to £250,000. After this period, no additional deposits are allowed.
Withdrawals aren't permitted during the 12-month term. Early account closure is possible, but you'll forfeit the first 90 days of interest (or all interest if the account has been open for less than 90 days).
Cash ISA
You can save up to the annual ISA allowance, currently £20,000, tax free. Withdrawals are allowed without fees, but withdrawn amounts can't be replaced within the same tax year if you've reached your ISA allowance.
As with the Online Savings Account, if the account remains inactive for three years, Marcus may block or close it.
How can I access my savings?
All accounts are managed online, so for the easy access savings account and cash ISA, you can deposit and withdraw money easily via online banking, with no fees or penalties for accessing your funds.
For the one year fixed rate saver, withdrawals aren’t allowed during the 12-month term. You can close the account early if needed, although this comes with a penalty, as you’ll forfeit 90 days’ interest, or all interest if the account has been open for less than 90 days.
Can I transfer money from an existing cash ISA?
No, Marcus by Goldman Sachs does not currently accept cash ISA transfers from other providers. If you want to open a Marcus cash ISA, you’ll need to deposit new funds rather than transferring an existing ISA balance.
If transferring an ISA is important to you, you may need to consider alternative providers that allow ISA transfers.
Is there a mobile app for Marcus savings accounts?
No, Marcus by Goldman Sachs does not currently have a mobile app for UK customers. However, you can easily access and manage your account via their mobile-friendly website.
You can check your balance, make deposits and withdrawals, and update account details online. If you're looking for app-based banking, you might need to consider alternative providers.
Is Marcus regulated and safe?
Yes, Marcus by Goldman Sachs is authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Plus, eligible deposits are protected up to £85,000 per person under the FSCS.
With robust security measures in place and the backing of a globally recognised bank, your savings are in safe hands. You can check the latest FSCS limits and terms on the Marcus website.
How to open a savings account with Marcus?
Opening a Marcus by Goldman Sachs savings account is quick and easy. Follow these steps to get started:
1. Check you’re eligible. You must be 18 or over and a UK resident.You’ll need a UK current account to link for deposits and withdrawals.
2. Choose your account type. Marcus offers three types of savings accounts:
Online savings account – flexible, easy access savings
One year fixed rate saver – locked-in interest for 12 months
Cash ISA – tax-free savings up to the annual allowance
3. Apply online. Visit the Marcus website to apply. Provide your name, address, date of birth, and National Insurance number (for cash ISAs). You will then need to link your UK current account to make transactions.
Why compare savings accounts?
Comparing savings accounts with MoneySuperMarket gives you a better chance of making your money work for you.
We compare savings accounts from across the market, showing you the key features, such as the current interest rate and whether there is a notice period to access your funds.
Once you have made your decision, just click through and apply online in minutes.